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8/09/22
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Guthrie Development Company has acquired a 13.3k sf, multi-tenant industrial building in Fountain Valley for $4.3 mil ($323/sf). The property is located at 17330 Newhope St, west of Harbor Blvd and south of Warner Ave.
The property consists of seven units ranging from 1.6k sf to 3.5k sf and is currently 80% leased. Guthrie Development will implement a series of capital improvements as part of its strategy to enhance the property’s overall value. The work will consist of a complete condo conversion, which will include new landscaping, an outdoor gathering area with seating and interior improvements.
“Demand for this product type has skyrocketed recently, especially in the Orange County market,” says Rob Guthrie, President at Guthrie Development Company. “In fact, this region saw its eleventh straight quarter of positive absorption in Q1 2022. Competition for industrial space in Orange County has never been higher, which is driving rental rates to new all-time highs.”
Nick Spatafore with CBRE represented both the buyer and the seller in the transaction. Spatafore will work on behalf of Guthrie to sell the remaining individual condos to small businesses and investors.
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